Many people ask how long they should keep
their tax returns. Some believe keeping your returns for 3-6 years is
enough time. However, there are many reasons why you should at least keep an
electronic copy of all of your tax returns. Below are some reasons why keeping
your tax returns is a good idea.

Your tax returns can be used as proof and
protect your Retirement and Social Security benefits.

Sometimes insurance policies switch
companies and the payout of a policy can be an issue. If you need to prove the
payout amount, you can do that with a tax return.

Keeping your tax returns can greatly
benefit your IRA and retirement plan contributions. Your state deduction may mean
part of your contribution will not be taxable. Additionally, if you made
non-deductible contributions for federal purposes it might mean the IRS may not
tax part of your contribution.